Maryland on the Fast Track for Foreclosures
Maryland has joined Ohio in establishing laws that fast-track foreclosures for vacant properties. The two states may be examples for others across the nation who want to do something about vacant properties causing a blight to neighborhoods.
According to a state delegate, vacant properties are a serious problem in some communities. The longer a property is vacant, the more likely illegal activity will occur. Issues such as vandalism and theft happen when a property is known to be vacant. Increased criminal activity can bring property values down in a neighborhood, meaning vacant homes become a problem for everyone in the community.
In some instances, the foreclosure process can now be completed in as little as six months. When a vacant property is foreclosed upon quickly, it can be sold and rehabilitated before that is no longer a possibility. Once rehabbed, the home can be sold to an interested buyer. The new law has also established protections for owners of the property.
The owner must be provided a notice of expedited foreclosure, the notice must be posted on the property, and the owner of the property has a right to challenge a finding of vacancy. The bill was signed into law in May. Other states that are expected to follow suit include New York and Illinois.
If you need assistance with commercial real estate issues or foreclosure in Howard County, experienced real estate attorney Fred L. Coover can assist you. Reach out to us today to discuss your real estate issue and learn about your legal options.